Well, it has finally happened. The median sold price for Reno and Sparks, Nevada has now fallen below $200,000. And in a BIG way! January’s median sold price of $194,450 represents a HUGE drop from the previous month’s $209,900 – a whopping 7.4% decrease. And I thought December’s 4% drop from November’s was big; but now the decline seems to be accelerating. When will it stop?
The only bright spot I can see is that unit sales are way up Y-o-Y. In fact, 28% more properties were sold in January 2009 than in January 2008. But when houses are selling at a 27% discount off of last year’s median price, I suppose a greater number of sales can be expected.
For you price banders out there, January’s sales break out as follows:
- 53% sold for under $200,000
- 72% sold for under $250,000
- 85% sold for under $300,000
- 13% of the sales were short sales
- 66% of the sales were bank-owned properties
- …only 18% of the sales were “normal” equity sales
We are now more than 43% off of July 2005’s peak median price of $345,000.
| Month and Year | # Houses For Sale | Median Asking $ | # Houses Sold | Median Sold $ |
|---|---|---|---|---|
|
Jan 2009 |
4,306 | $239,900 | 244 |
$194,450 |
| Dec 2008 | 4,352 | $240,000 | 325 | $209,900 |
| Nov 2008 | 4,572 | $249,000 | 285 |
$217,000 |
| Oct 2008 | 4,722 | $251,000 | 391 |
$222,000 |
| Sept 2008 | 4,789 | $260,000 | 365 |
$235,000 |
| Aug 2008 | 4,806 | $269,898 | 352 |
$240,000 |
| Jul 2008 | 4,902 | $275,000 | 418 |
$247,000 |
|
Jun 2008 |
4,797 | $280,000 | 394 |
$255,000 |
| May 2008 | 4,761 | $279,900 | 344 |
$255,000 |
| Apr 2008 | 4,536 | $282,700 | 337 |
$269,000 |
|
Mar 2008 |
4,216 | $289,694 | 246 |
$261,000 |
| Feb 2008 | 4,068 | $293,998 | 221 |
$271,632 |
|
Jan 2008 |
4,123 | $299,895 | 191 |
$268,000 |
|
Dec 2007 |
4,156 | $307,250 | 249 |
$275,000 |
|
Nov 2007 |
4,518 | $310,000 | 231 |
$286,000 |
| Oct 2007 | 4,880 | $316,000 | 268 |
$288,000 |
| Sept 2007 | 5,022 | $320,000 | 271 |
$285,000 |
| Aug 2007 | 5,468 |
$325,000 |
348 |
$295,000 |
| Jul 2007 | 5,413 | $330,000 | 351 |
$295,995 |
| Jun 2007 | 5,368 | $337,495 | 378 |
$300,000 |
| May 2007 | 5,174 | $339,900 | 427 |
$296,000 |
| April 2007 | 4,925 | $340,000 | 393 |
$295,000 |
| Mar 2007 | 4,667 | $340,000 | 391 |
$297,000 |
| Feb 2007 | 4,408 | $340,000 | 334 |
$285,000 |
| Jan 2007 | 4,688 | $342,000 | 336 |
$279,950 |
| Dec 2006 | 4,548 | $344,950 | 347 |
$293,995 |
| Nov 2006 | 5,182 | $349,000 | 330 |
$300,000 |
| Oct 2006 | 5,640 | $349,900 | 422 |
$300,000 |
| Sept 2006 | 5,960 | $352,000 | 396 |
$301,000 |
| Aug 2006 | 6,252 | $355,000 | 393 |
$310,000 |
| Jul 2006 | 6,123 | $360,000 | 416 |
$324,750 |
| Jun 2006 | 5,949 | $364,000 | 473 |
$329,000 |
| May 2006 | 5,407 | $369,900 | 432 |
$318,750 |
| April 2006 | 4,626 | $369,000 | 415 |
$317,000 |
| Mar 2006 | 4,295 | $369,900 | 437 |
$329,000 |
| Feb 2006 | 3,899 | $374,900 | 326 |
$315,250 |
| Jan 2006 | 4,245 | $370,000 | 325 |
$325,000 |
| Dec 2005 | 4,040 | $375,000 | 385 |
$319,900 |
| Nov 2005 | 4,432 | $376,448 | 443 |
$331,000 |
| Oct 2005 | 4,694 | $376,700 | 559 |
$335,000 |
| Sept 2005 | 4,567 | $380,000 | 603 |
$336,500 |
| Aug 2005 | 4,370 | $385,700 | 695 |
$334,950 |
| Jul 2005 | 3,860 | $387,000 | 677 |
$345,000 |
| Jun 2005 | 3,411 | $384,500 | 607 |
$335,000 |
| May 2005 | 3,113 | $375,000 | 717 |
$326,000 |
| April 2005 | 2,808 | $365,000 | 650 |
$315,000 |
| Mar 2005 | 2,611 | $350,000 | 660 |
$309,000 |
| Feb 2005 | 2,198 | $348,250 | 411 |
$301,000 |
| Jan 2005 | 2,078 | $349,000 | 381 |
$295,000 |
Note: The median table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada. Residential data includes Site/Stick Built and Condo/Townhouse properties. Data excludes Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – February 2009.
Reno Ignoramus
“I don’t think the people in washington (have the answer)they are just hoping against hope that something will happen.”
Thus sayeth Tom. More accurate words have never be posted on this blog.
I am amused by all the prognostication going on about interest rates, the rate of inflation, the liklihood that the government bailout efforts will have any impact, etc. It seems to me that after the events of the last 6-7 months, how can anybody predict anything? Who amongst us would have said a year ago that Bear Stearns and Merril would cease to exist, that the entire investment banking industry would have evaporated, that AIG would have received $140 billion in govt money to stay in existence, that the shares of BoA and Citi would be trading at $3 and are no sure bet to remain as private entities, that the economy would lose 600,000 jobs in one month?
We are in unchartered water here. I don’t think any of the old maps are of much use anymore. I’m not ready to bet my financial salvation on such untested prophecies.
spinner
The $15,000 Tax/stimulus really seams to be targeted at the $80-100k + yearly income, Average people $50-60k will see about a $3800 credit a year x2 And I believe are not eligible if have owned a home in the past 3 years, The complete details seem to bee sketchy right now, But I would sure do the math, Doesn’t look to stimulating to me…Just all my opinion
SouthBay
The $15K credit is gone! Wiped out by more of Pelosi’s social issues I’m sure.
http://www.msnbc.msn.com/id/29136678